Cabin Interiors and Engineering Solutions Drawing on our deep structural modification capabilities and engineering expertise in freighter conversions, we entered into an agreement to design and convert an aerial firefighting platform based on the Boeing 757 aircraft for Galactic Holdings. In addition to serving Galactic Holdings’ needs, moving into passenger-to-tanker conversion allows us to develop new modification capabilities and tap the aerial firefighting market, while contributing to global firefighting efforts and the protection of properties and lives. Unmanned Air Systems We continued to scale new heights in our DroNet solution through new collaborations and applications. At the start of the year, we formed a consortium with Sumitomo Corporation and Skyports to provide commercial Unmanned Aircraft (UA) services for shore-to-ship parcel delivery in Singapore. We also conducted a two-week pilot offshore food delivery service via drones with foodpanda and Sentosa Development Corporation. In addition, we joined hands with the Civil Aviation Authority of Singapore to determine the maturity of new UA-related technologies and assess their value and feasibility for operations in Singapore. Building on the strong working ties with Skyports, we invested in its Series B funding round. We will marry our complementary strengths in Advanced Air Mobility and UA systems with that of Skyports' to advance our DroNet solution globally. AEROSPACE MRO The MRO industry saw clearer skies during the year, thanks to widespread distribution of vaccines, reopened borders and pent-up demand for air travel. Returning MRO demand was reflected in the healthy utilisation rate at all our facilities, which maintained above 80% on average in 2022, with the airframe hangars operating mostly near full capacity. Airframe Services We continued to foster longstanding relationships with our customers and secured a number of multi-year contracts from new and existing customers for their long-term needs. One of these customers was United Airlines, with whom we entered into an agreement to extend our heavy maintenance support to their additional narrowbody aircraft. The support will be provided at the airframe MRO complex we are developing at Pensacola International Airport. The two hangars that will be used to support United Airlines will begin construction in 2023. Returning MRO demand was reflected in the healthy utilisation rate of all our facilities, which maintained above 80% on average. Component / Engine Services A healthy level of orders for component and engine services started streaming in especially during the later half of the year, which we had anticipated given that operators will not be able to postpone MRO services indefinitely by relying on engines and components with green time left. More airlines also started contracting for their long-time component maintenance needs. Among the new component maintenance-by-the-hour contracts we secured was one from Vietjet to support the airline’s entire fleet, one from Turkish Technic to support Turkish Airlines’ fleet of Boeing 787s, and another from China Airlines Group to support China Airlines’ A321neo and A330 aircraft as well as Tigerair Taiwan’s A320neo aircraft. During the year, we deepened our partnership with Safran when we signed a five-year agreement with Safran Aircraft Engines to provide engine maintenance offload for the CFM56-5B and -7B engines. This multi-year agreement will allow us to meet the forecasted rise of CFM engine MRO activities as air travel further recovers from the pandemic. CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 31
RkJQdWJsaXNoZXIy NjMyNDM=